Euler

Lending — Modular vault lending (Euler v2 / EVK).

DefiLlama ↗Protocol site ↗

$266.4M

TVL · DefiLlama

ETH $3,420 ▲1.2%EUL $8.90 ▲1.5%

price · DefiLlama (24h) · preview

AI review

AI assessment

updated 4h ago·Claude (preview)·preview

Euler is a lending protocol. 9 of 16 risk feeds in the registry report on it. 1 sourced incident on record. No material change has been detected in the current window.

Governance: EUL token DAO (OZ Governor, on-chain voting), overseen by the Euler Foundation governance
9 of 16 feeds report on Euler. coverage
Most recent recorded event: Flash-loan exploit (donateToReserves missing health check). incident

AI-generated summary of facts already in this registry — not a Rails assessment, not a risk score, and not a ranking. Per the project charter, the registry never produces its own composite risk judgement. Verify every point against the linked sources below. This is an illustrative preview of a proposed feature; the content is not live.

Feeds

Feed coverage4 covered · 5 partial · 7 not yet covered of 16

How feeds see it

Rating

0 / 3

Dashboard

2 / 1

Monitoring

1 / 0

Research

1 / 1

Seen through 4 of 4 methodology lenses (rating, dashboard, monitoring, research). A neutral view of who is looking and how — not a risk judgement.

Where feeds differ

The 9 reporting feeds are split on how fully they assess Euler: 4 assess it fully, 5 only partially, and they use different methodologies and scales. We show every position side by side and do not reconcile them into a single verdict — oracle diversity made visible, not adjudicated.

pigi.finance

Dashboard

Covered

Vault analytics and risk-adjusted yield across 50+ protocols; exploits, concentration, risk-adjusted APY. Paid structured API.

View source

DeFi Saver

Monitoring

Covered

Position-management tooling: live loan-health / safety-ratio tracking and automated liquidation protection for leveraged positions.

View source

Zyfai Risk

Dashboard

Covered

Euler Prime WETH Excellent (4/4); Euler Earn USDC Good (3/4, low TVL).

Good–Excellentverified

View source

Gauntlet

Research

Covered

Recurring Market Risk Parameter Recommendations on Euler governance (Euler Prime/Yield/Base): supply/borrow caps, IR curves; co-manages a USDC vault.

Risk param recsverified

View source

LlamaRisk

Research

Partial

Protocol risk research and parameter recommendations; collateral and governance risk.

View source

CuratorWatch

Dashboard

Partial

Vault-level risk monitoring for Morpho curators: allocation risk and curator behavior.

View source

DeFiPunk'd

Rating

Partial

Multi-dimension registry: Control, Exit, Autonomy, Open Access, Verifiability via LLM consensus.

View source

Exponential DeFi

Rating

Partial

Euler (v2) protocol page listed; pool grades not captured pre-migration.

View source

DeFi Safety

Rating

Partial

Process Quality Review of Euler V2 published (PQR id 607); verbatim score pending confirmation.

View source

DeFiScan

Rating

Not yet covered

Decentralization maturity: who controls keys, upgrades, and admin powers. Stage 0–2 framework.

BlockAnalitica

Dashboard

Not yet covered

Quantitative on-chain risk dashboards for lending markets: liquidations, collateral health, exposure.

Credora

Rating

Not yet covered

Institutional-grade credit-risk ratings for DeFi protocols and borrowers. Credora by RedStone; GraphQL API + on-chain attestations (EAS).

Xerberus

Rating

Not yet covered

Independent risk rating for DeFi vaults; 300+ subscores across 85+ mechanisms. Open-source.

Philidor Analytics

Rating

Not yet covered

Deterministic vault risk scoring across 700+ vaults: asset quality, code maturity, governance. Open methodology (public API, CLI, MCP server).

Anticapture

Research

Not yet covered

DAO governance-capture risk: delegate/voting-power concentration, cost-to-attack vs. treasury value, and proposal/power-shift monitoring across major DAOs. Open-source.

Chaos Labs

Dashboard

Not yet covered

Edge risk oracles and economic-risk dashboards: real-time parameter automation and scenario stress for lending markets (active on Aave, GMX, Pendle).

Governance

Governance at a glance

Governance: DAO (on-chain)
Multisig: 4/8
Timelock: 48 hours
Core contracts: Upgradeable
Pause capability: Yes

Structural facts, distilled from the sourced control records below — neutral capabilities, not a risk score.

Governance	EUL token DAO (OZ Governor, on-chain voting), overseen by the Euler Foundationverified
Upgradeability	EVK vaults deployed via factory; upgradeability optional per vault, routed through an OZ TimelockControllerverified
Admin control	Operational 4/8 Safe (6 Euler Labs + 2 Foundation); GovernorAccessControlEmergency role modelverified
Timelock	Dual timelock — Admin (governor control) + Wildcard (routine params), both 48h min delayverified

Incidents

2023-03-13Flash-loan exploit (donateToReserves missing health check)verified

~$197M was drained from Euler's lending pools via a missing liquidity check in donateToReserves (added after the audited code). The attacker subsequently returned essentially all recoverable funds, making victims effectively whole.

Source

Material risk events, presented verbatim from cited sources — not a Rails assessment.

Audits

Auditor	Date	Scope
Spearbit	2024	Euler Vault Kit (EVK) — v2 core	Report
ChainSecurity	2024	Euler Vault Kit (EVK)	Report
Certora	2024	Euler Vault Kit (EVK) — formal verification	Report
Cantina (competition)	2024	Euler v2 EVK (~$1.25M public contest)	Report

Representative public audits, attributed and linked to source — not a Rails assessment, and not a completeness or safety guarantee.